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Roundup: Singapore stocks end down 1.62 pct

Xinhua, January 4, 2016 Adjust font size:

Singapore shares closed 1.62 percent lower on Monday, as caution mood prevailed after Saudi Arabia announced severing diplomatic ties with Iran.

Saudi Arabia's execution of a prominent Shi'ite Muslim cleric last week had spurred regional anger and geopolitical tensions in the Middle East. While oil prices jumped in knee-jerk reaction to the tension, U.S. stocks futures fell sharply on Asian trading and Asian stocks also sank.

Meanwhile, China Caixin manufacturing purchasing managers' index fell to 48.2 in December from 48.6 in November, a huge miss from market estimates. The reading below 50 indicates economic contraction. The China CSI 300 index went down by more than 5 percent, causing the Chinese markets to close early on Monday as new circuit breaker rules were triggered twice in the day.

DBS Group Research said "the shadow of higher interest rates, risk of more earnings disappointments during the fourth-quarter results season and the uncertain 2016 growth outlook continues to be a near term drag for equities. Furthermore, history has shown that the initial one to three months would be negative for equities once the U.S. Federal Reserve starts its rate hike cycle. We see technical resistances at 2,905 points and 2,950 points capping near-term upside."

Singapore's benchmark Straits Times Index fell 46.76 points to 2,835.97 points. Trading volume was 981 million shares worth 852 million Singapore dollars. Decliners outnumbered advancers 273 to 126, while 527 stocks did not move.

Yoma Strategic Holdings rose 5.4 percent to 49 Singapore cents. It announced that a framework agreement has been signed with the Ministry of Rail Transport (MR) of Myanmar in relation to the Landmark Development project. The master lease for the Landmark Development project has been extended for an initial period of 50 years commencing on January 1, 1998.

Located at the heart of the downtown Yangon business district, Yoma's iconic Landmark Project will host the former headquarters of the Myanmar Railway Company built in 1877 which will be restored into the Yangon Peninsula Hotel, and complemented by luxury residences, hotel and commercial developments.

Among top gainers, SATS Limited rose 2.3 percent to 3.93 Singapore dollars, while UOB became one of the top losers by falling 2.7 percent to 19.09 Singapore dollars. (1 U.S. dollar equals to 1.42 Singapore dollars) Enditem